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COMPANY REGISTRATION NUMBER: 05108496
Jackfield Tubes Limited
Filleted Unaudited Financial Statements
30 June 2023
Jackfield Tubes Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
99,711
101,626
Current assets
Stocks
166,793
154,329
Debtors
6
760,300
901,616
Cash at bank and in hand
5,188
6,432
---------
------------
932,281
1,062,377
Creditors: amounts falling due within one year
7
916,503
970,461
---------
------------
Net current assets
15,778
91,916
---------
---------
Total assets less current liabilities
115,489
193,542
Creditors: amounts falling due after more than one year
8
48,269
71,711
Provisions
Taxation including deferred tax
16,998
16,998
---------
---------
Net assets
50,222
104,833
---------
---------
Capital and reserves
Called up share capital
9
50,002
50,002
Profit and loss account
220
54,831
---------
---------
Shareholders funds
50,222
104,833
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jackfield Tubes Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
A Goddard
Director
Company registration number: 05108496
Jackfield Tubes Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Finance leased assets
-
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Finance leased asset
Total
£
£
£
£
Cost
At 1 July 2022
177,973
28,295
11,500
217,768
Additions
4,817
4,817
---------
---------
---------
---------
At 30 June 2023
182,790
28,295
11,500
222,585
---------
---------
---------
---------
Depreciation
At 1 July 2022
76,347
28,295
11,500
116,142
Charge for the year
6,732
6,732
---------
---------
---------
---------
At 30 June 2023
83,079
28,295
11,500
122,874
---------
---------
---------
---------
Carrying amount
At 30 June 2023
99,711
99,711
---------
---------
---------
---------
At 30 June 2022
101,626
101,626
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
734,630
864,229
Prepayments and accrued income
25,670
33,286
Other debtors
4,101
---------
---------
760,300
901,616
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
507,054
443,184
Accruals and deferred income
9,975
17,330
Corporation tax
1,395
12,605
Social security and other taxes
26,696
28,292
Obligations under finance leases and hire purchase contracts
13,407
12,105
Amounts due to a related company
67,112
52,930
Advances against debtors
280,864
394,015
---------
---------
916,503
970,461
---------
---------
See note 9 for details of the bank loan. Advances against debtors are secured against the debtors.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
19,167
29,167
Other creditors
29,102
42,544
---------
---------
48,269
71,711
---------
---------
The bank loan is a Bounce Back loan which is guaranteed by the Government.
9. Called up share capital
Authorised share capital
2023
2022
No
£
No
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
B Ordinary shares of £ 1 each
10
10
10
10
---------
---------
---------
---------
50,010
50,010
50,010
50,010
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No
£
No
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
B Ordinary shares of £ 1 each
2
2
2
2
---------
---------
---------
---------
50,002
50,002
50,002
50,002
---------
---------
---------
---------
10. Directors' advances, credits and guarantees
The balance on the directors loan account at the balance sheet date was £0 (2022 - £4,101).
11. Related party transactions
The company was under the control of the directors throughout the current year. The company has been recharged with various expenses during the year and various sums have been advanced to a related company, Steelmart Limited. The amount due to Steelmart Limited at the balance sheet date was £67,112(2022 from - £47,250).